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(Sharecast News) - British Airways owner International Consolidated Airlines Group is turning its attention to industry consolidation, it was reported on Monday, with ailing rivals thought to be in its sights.
According to The Times, the Anglo-Spanish IAG, which also owns Iberia and Ireland's Aer Lingus, has turned its attention towards acquisitions following a strong summer.
Last week, the blue chip said third-quarter revenues were €7.3bn, 0.9% above the same quarter in 2019, the last full year before the pandemic started to affect air travel. Operating profits for the year are now set to come in above initial forecasts, at around €1.1bn.
The Times noted that chief executive Luis Gallego acknowledged in light of the results that the firm was "a platform for consolidation. We will only do what makes sense, but we see there are opportunities to be stronger.
""We are a group that wants to consolidate the industry."
While IAG has seen passenger demand bounce back following the removal of restrictions, other airlines continue to struggle. The Portuguese government is poised to sell off the country's flag carrier, TAP, while UK budget airline easyJet is expected to report losses of £180m this year. It has also cut capacity for the winter, with the shares now down sharply over the year to date.
As at 0845 GMT, shares in easyJet were ahead 5% at 345.8p, while IAG shares were up 2% at 117.8p.
